Latest news with #PNG
RNZ News
3 days ago
- General
- RNZ News
Call for action against violence in Papua New Guinea
Satellite map view of Enga Province in Papua New Guinea. Photo: Google Maps A journalist says people in Papua New Guinea want action to violence - not just the usual condemnation from leaders. Another gruesome video is circulating social media from Enga Province, which has a recent history of tribal conflict. RNZ Pacific correspondent Scott Waide said people are calling on their leaders to act. "A lot of them are asking why we keep having this kind of violence in the province and being recorded on social media," he said. "Some people have been questioning why we've introduced anti-terror laws and yet it's being slow to be implemented in the district." He said the video came from Kompiam-Ambun, the electorate of former speaker Sir John Pundari. "There's been no political responses yet, the police have indicated that there are looking into it but the responses, as usual, will come a few days later. "They don't want [just] the usual condemnation; they want condemnation and action arrests." Waide said police have found it difficult to go into heavily armed villages and make the arrests. "We had an incident last week where a PNG Defence Force unit had to fight its way out of an ambush. "The total number of police killed so far since 2017, and I've counted this myself, is between 20 and 25 officers killed, either shot or stabbed or ambushed." He said the legislation is there to tackle the outbreaks of conflict. "They've increased the penalties for gun possession, illegal possession of firearms; they've increased the penalties for drugs. "It's not just the implementation; it's the resourcing that will allow for the implementation to happen, for the enforcement to happen. "It's a complex area that government is trying to deal with, but the results will take a few years."
RNZ News
3 days ago
- Business
- RNZ News
PNG faces deadline for fixing issues with money laundering and terrorist financing
Photo: -Analysis Papua New Guinea has five months remaining to fix its anti-money laundering and counter-terrorist financing (AML/CTF) systems or face the severe repercussions of being placed on the Financial Action Task Force's (FATF) "grey list". The FATF has imposed an October 2025 deadline, and the government is scrambling to prove its commitment to global partners. Speaking in Parliament, Prime Minister James Marape said Treasury Minister, Ian Ling-Stuckey has been given the responsibility to lead a taskforce to fix PNG's issues associated with money laundering and terrorist financing. "I summoned all agency heads to a critical meeting last week giving them clear direction, in no uncertain terms, that they work day and night to avert the possibility of us getting grey listed," Marape said. "This review comes around every five years. "We have only three or four areas that are outstanding that we must dispatch forthwith." PNG is no stranger to the FATF grey list, having been placed under increased monitoring in 2014 before successfully being removed in 2016. However, a recent assessment by the Asia Pacific Group on Money Laundering (APG) highlighted ongoing deficiencies, particularly in the effectiveness of PNG's AML/CTF regime. While the country has made strides in establishing the necessary laws and regulations (technical compliance), the real challenge lies in PNG's implementation and enforcement. The core of the problem, according to analysts, is a lack of effective prosecution and punishment for money laundering and terrorism financing. High-risk sectors such as corruption, fraud against government programmes, illegal logging, illicit fishing, and tax evasion, remain largely unchecked by successful legal actions. Capacity gaps within key agencies like the Royal Papua New Guinea Constabulary and the Office of the Public Prosecutor have been cited as significant hurdles. Recent drug hauls have also highlighted existing flaws in detection in the country's financial systems. The implications of greylisting are far-reaching and potentially devastating for a developing nation like PNG, which is heavily reliant on foreign investment and international financial flows. Deputy Opposition leader James Nomane warned in Parliament that greylisting "will severely affect the economy, investor confidence, and make things worse for Papua New Guinea with respect to inflationary pressures, the cost of imports, and a whole host of issues". If PNG is greylisted, the immediate economic fallout could be substantial. It would signal to global financial institutions that PNG carries a heightened risk for financial crimes, potentially leading to a sharp decline in foreign direct investment. Critical resource projects, including Papua LNG, P'nyang LNG, Wafi-Golpu, and Frieda River Mines, could face delays or even be halted as investors become wary of the increased financial and reputational risks. Beyond investment, the cost of doing business in PNG could also rise. International correspondent banks, vital conduits for cross-border transactions, may de-risk by cutting ties or scaling back operations with PNG financial institutions. This "de-risking" could make it more expensive and complex for businesses and individuals alike to conduct international transactions, leading to higher fees and increased scrutiny.
Yahoo
3 days ago
- Business
- Yahoo
High Arctic Overseas Announces 2025 First Quarter Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) -- High Arctic Overseas Holdings Corp. (TSXV: HOH) ("High Arctic Overseas" or the "Corporation") has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the 'Financial Statements') and management's discussion & analysis ('MD&A') for the quarter ended March 31, 2025, will be available on SEDAR+ at All amounts are denominated in United States dollars ('USD'), unless otherwise indicated. The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH. Mike Maguire, Chief Executive Officer commented on the Corporation's first quarter 2025 financial and operating results: 'Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well. I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.' 2025 FIRST QUARTER HIGHLIGHTS Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked; Manpower and rental services maintained similar activity levels to Q4 2024; Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million. Business strategy Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones: Leveraging our core PNG planning and logistics capability to diversify our service offerings; Deploying idle assets into profitable operations; Strengthening local content & participation in the PNG finance and investment communities; An established and efficient corporate structure; and Seeking opportunities to expand and root the business in the Australasian region. 2025 Strategic Objectives Relentless focus on safety excellence and quality service delivery; Reduce general and administrative expenditures; Grow the manpower business in Papua New Guinea; Maximize potential participation in future major Papua New Guinea projects; and Pursue expansionary transactions that increase shareholder value. Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation's Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO's control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement. For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods. In the above results discussion, the three months ended March 31, 2025 may be referred to as the 'quarter' or 'Q1 2025' and the comparative three months ended March 31, 2024 may be referred to as 'Q1 2024'. References to other quarters may be presented as 'QX 20XX' with X/XX being the quarter/year to which the commentary relates. FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW Three months ended March 31, (thousands of USD except per share amounts) 2025 2024 Operating results: Revenue 2,510 11,134 Net income (loss) (1,225) 2,501 Per share (basic and diluted) (1)(2) ($0.10) $0.20 Operating margin (3) 714 4,315 Operating margin as a % of revenue (3) 28.4% 38.8% EBITDA (3) (286) 3,588 Per share (basic and diluted) (1)(2) ($0.02) $0.29 Adjusted EBITDA (3) (202) 3,530 Adjusted EBITDA as a % of revenue (3) (8.0%) 31.7% Per share (basic and diluted) (1)(2) ($0.02) $0.28 Operating income (loss) (3) (998) 2,720 Per share (basic and diluted) (1)(2) ($0.08) $0.22 Cash flow: Cash flow from operating activities (825) 5,348 Per share (basic and diluted) (1)(2) ($0.07) $0.43 Funds flow from operations (3) (256) 3,314 Per share (basic and diluted) (1)(2) ($0.02) $0.27 Capital expenditures 74 550 (thousands of USD except per share amounts and common shares outstanding) March 31, 2025 December 31, 2024 Financial position: Working capital (3) 20,212 20,602 Cash and cash equivalents 13,902 14,930 Total assets 34,133 35,287 Shareholder's equity 29,766 30,953 Per share (4) $2.39 $2.49 Common shares outstanding 12,448,166 12,448,166 (1) For periods when the Corporation incurred a net loss the shares outstanding under the Corporation's equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.(2) For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See '2024 Corporate Reorganization' section of this Press Release and the Corporation's Financial Statements for additional details. (3) Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See 'Non IFRS Measures' in this Press Release for additional details on the calculations of these measures. (4) Shareholders' equity per share calculated based on the number of common shares outstanding as at the relevant date. Operating Results Three months ended March 31, (thousands of USD, unless otherwise noted) 2025 2024 Revenue 2,510 11,134 Operating expenses (1,796) (6,819) Operating margin (1) 714 4,315 Operating margin percentage (1) 28.4% 38.8% (1) See 'Non-IFRS Measures' Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG's oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG's oil and gas industry. The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment. Liquidity and Capital Resources Three months ended March 31, (thousands of USD) 2025 2024 Cash provided by (used in) operations: Operating activities (825) 5,348 Investing activities (74) (550) Financing activities (117) (124) Effect of foreign exchange rate changes (12) - Increase (decrease) in cash (1,028) 4,674(thousands of USD, unless otherwise noted) As at March 31, 2025 As at Dec 31, 2024 Current assets 24,230 24,706 Working capital(1) 20,212 20,602 Working capital ratio(1) 6.0:1 6.0:1 Cash and cash equivalents 13,902 14,930 (1) See 'Non-IFRS Measures' Liquidity and Capital Resources For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 - $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 - $124). Cash outflows associated with finance activities were directed towards lease obligation payments. Outlook Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation's core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG's oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices. The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business. Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas ('LNG'). A significant investment in the country's oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation's predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation's fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity. Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. The next significant LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and appraise other discoveries. The signing of a fiscal stability agreement between the P'nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG. The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation's drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use. There are a number of other petroleum projects and substantive nation-building projects including infrastructure, electrification, telecommunications and defense projects planned for the development of PNG. These projects will require access to transport and material handling machinery, quality worksite and temporary road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, geoscientists and other professionals. High Arctic's business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market. NON-IFRS MEASURES This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards ('IFRS') and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings. These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS. For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation's Q1 2025 MD&A, which is available online at About High Arctic Overseas Holdings Corp. High Arctic Overseas is a market leader in Papua New Guinea providing drilling and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. For further information, please contact: Mike MaguireChief Executive Officer1.587.320.1301 High Arctic Overseas Holdings 2350, 330–5th Avenue SWCalgary, Alberta, Canada T2P info@ Forward-Looking Statements This Press Release contains forward-looking statements. When used in this document, the words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'seek', 'propose', 'estimate', 'expect', and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation's current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation's actual results, performance, or achievements to vary from those described in this Press Release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation's business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation's future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation's ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation's ongoing relationship with its major customers; customers' drilling intentions; the Corporation's ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation's expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation's business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation's ability to invest in additional capital assets, including the impact on the Corporation's future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff's or related trade policies and the potential impact on the Corporation's ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG. With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation's annual 2024 MD&A, which is available on SEDAR+. The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. .Sign in to access your portfolio
RNZ News
3 days ago
- General
- RNZ News
Call for action against violence in PNG
Satellite map view of Enga Province in Papua New Guinea. Photo: Google Maps A journalist says people in Papua New Guinea want action to violence - not just the usual condemnation from leaders. Another gruesome video is circulating social media from Enga Province, which has a recent history of tribal conflict. RNZ Pacific correspondent Scott Waide said people are calling on their leaders to act. "A lot of them are asking why we keep having this kind of violence in the province and being recorded on social media," he said. "Some people have been questioning why we've introduced anti-terror laws and yet it's being slow to be implemented in the district." He said the video came from Kompiam-Ambun, the electorate of former speaker Sir John Pundari. "There's been no political responses yet, the police have indicated that there are looking into it but the responses, as usual, will come a few days later. "They don't want [just] the usual condemnation; they want condemnation and action arrests." Waide said police have found it difficult to go into heavily armed villages and make the arrests. "We had an incident last week where a PNG Defence Force unit had to fight its way out of an ambush. "The total number of police killed so far since 2017, and I've counted this myself, is between 20 and 25 officers killed, either shot or stabbed or ambushed." He said the legislation is there to tackle the outbreaks of conflict. "They've increased the penalties for gun possession, illegal possession of firearms; they've increased the penalties for drugs. "It's not just the implementation; it's the resourcing that will allow for the implementation to happen, for the enforcement to happen. "It's a complex area that government is trying to deal with, but the results will take a few years."
India Gazette
4 days ago
- Business
- India Gazette
PM Modi lays foundation stone of City Gas Distribution project for West Bengal districts
Alipurduar (West Bengal) [India], May 29 (ANI): Prime Minister Narendra Modi on Thursday laid foundation stone of City Gas Distribution project in Alipurduar and Cooch Behar districts in West Bengal on Thursday. The project, worth over Rs 1010 crore, aims to provide Piped Natural Gas (PNG) to more than 2.5 Lakh households, over 100 commercial establishments, and industries, and Compressed Natural Gas (CNG) to vehicular traffic by establishing around 19 CNG stations in line with the Minimum Work Program (MWP) targets stipulated by the Government. Speaking at the event, PM Modi said India has made unprecedented progress in the energy sector in the last few years, 'Today, our country is rapidly progressing towards an energy-based economy... The city gas distribution network has reached more than 5,520 districts... CNG has brought a change in transportation, too. Pollution is lessening. So people's health is improving, and the burden on their pockets is alleviating... More than 31 crore people in the country today have LPG connections. The dream of distributing gas to every household is getting fulfilled now. For this, our government has strengthened the gas distribution network in every corner of the world,' he said. 'All of you are familiar with Urja Ganga Gas Pipeline Project. This project is a revolutionary step in the gas based economy. Under this policy, gas pipeline has been connected to eastern India... With all these efforts of the Indian government, new employment opportunities are also being generated... Gas based industries have also got a boost from this. Now we are moving towards an India where energy is cheap, clean and easily available to all,' he added. PM Modi will reach Bihar in the evening and visit Uttar Pradesh tomorrow. (ANI)
